Impact
WARD: Citywide
COMMITTEE: Finance
$ IMPACT: Zero impact; increase in budgeted revenues and budgeted expenses.
Title
Final FY 15 Budget Amendment
Body
ISSUE: Negative variances on the budget to actual for expenditures need to be eliminated for report presentation.
BACKGROUND: An annual audit of the City's financial statements is required at the conclusion of the fiscal year. In order to close out the year and finalize the financial statements, final adjustments to the budget have to be made to account for various transactions that were not not originally budgeted. The City does not need to show negative budget variances for expenditure accounts. Several revenue line items were under-budgeted, so they will be increased to offset the additional expenditure budget need to eliminate the negative variances.
RECOMMENDATION/REQUESTED ACTION: Staff recommends approval of the budget amendment.